In January through June 2011, the fund reported a net profit of RON543 million.
Fondul Proprietatea posted net assets of RON12.49 billion at the end of June, down 20.3% from RON15.67 billion in May. The fund announced last month it would reduce its net asset value by 21% after power producer Hidrolectrica filed for insolvency. Fondul Proprietatea owns 20% in the power company.
End-June, around 43.5% of Fondul Proprietatea’s assets were listed equities, while 50.44% non-listed equities. Net cash and receivables stood at 6.02% of the net asset value.
Fondul Proprietatea was set up in 2005 to compensate Romanians whose properties were seized during communism.
The fund has a share capital of RON13.77 billion lei, split into 13.77 billion shares with a face value of RON1.
Foreign investors held 57.68% of the fund’s shares at the end of June, while residents had 40.52%. Fondul Proprietatea owns 1.79% of its own shares due for cancellation.
Friday, Fondul Proprietatea closed at RON0.4711 a share, little changed on the day. (EUR1=RON4.5495)